When entering a building, Sam diverts his path to go through an open door rather than make the physical effort to open the closed door that is directly in his path. This is an example of:         irrational behavior.        a lazy person.        marginal benefit-marginal cost analysis.        programmed learning.

Q: A model of saintlihood and altruism, when Mother Teresa accepted the Nobel Prize for Peace in…

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Q: You have just woken up and are trying to decide whether to attend an upcoming lecture. The following…

A: Opportunity cost is the benefit obtained from another option that is not chosen by an individual.

Q: life example

A: Pareto-optimality belongs to welfare economics and implies social desirability; whereas…

Q: Normative analysis can best be shortened to ___________, while positive analysis is best shortened…

A: Answer: Introduction: It is clear that normative analysis, often known as normative economics, is…

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Q: The Marginal Benefit is zero when the Total Benefit curve is at its maximum. True or False

A: Marginal Benefit (MB): - it is the additional benefit derived from the consumption of additional…

Q: As long as marginal benefit exceeds marginal cost, any economic activity is optimal. 1) True 2)…

A: Marginal Cost (MC): - it is the additional cost incurred due to the production of additional units…

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Q: Question text It always rains about an hour after you finish washing your car. Concluding that…

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Q: The principle of opportunity cost: O is more relevant for firms than for individuals. O only refers…

A: 1) is applicable to all decision making  Opportunity cost is the foregone income that could have…

Q: Which of the core principles (1) Scarcity, Choice and Opportunity Cost, 2) Cost-benefit, 3)…

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A: Microeconomics is a branch of economics that investigates how individuals and firms make decisions…

Q: explain each.You can use an examp

A: The analysis of economic concepts as they are applied to particular circumstances or conditions is…

Q: opportunity cost

A: Opportunity cost is the loss of  benefit that could have been derived by choosing the not chosen…

Q: Which of the core principles (1) Scarcity, Choice and Opportunity Cost, 2) Cost-benefit, 3)…

A: a) This statement represents the core principle of scarcity, choice and opportunity cost. The…

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Q: production for the individual consumer or firm will be where _________________________.   Marginal…

A: Marginal cost is the additional cost incurred with an additional unit of  output produced.

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A: In a market, various cor economic principles are implemented to analyze the condition.

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A: Purposeful behavior means that people weigh costs and benefits to make decisions.

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A: The correct answer is given in the second step .

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A:

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Q: The cost of a trade-off is known as the of that decision. a. opportunity cost b. marginal cost C.…

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Q: The model of competitive markets relies on the following four core assumptions:

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Q: Economists assume that a firm's decisions are made in an attempt to

A: A firm is a business that is formed to provide services to its customers.

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Q: Economics is the study of how a society manages its resources to

A:

Q: State whether the following statements are true or false  a. In a pure ‘planned economy’ the market…

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Q: To be efficient, outputs should be produced that minimize total cost. True or false

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Q: Example of marginal analysis with explanation.

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Q: In general, managerial economics refers to the integration of economic theory with business: a)…

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Q: A personal economic decision that was driven by a behavioral bias rather than by pure rational…

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Q: Why is deductive reasoning stronger than inductive reasoning? A. Because it makes assumptions based…

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A: Resources should be allocated in an optimal way among different products. The right quantity of each…

Q: holds that as an economy moves along its production possibilities curve in the direction more of a…

A: Opportunity cost is the renounced benefit that would have been gotten from a choice not picked. To…

Q: In Economics SRP means     Group of answer choices a. firms can change some factors of…

A: SRP  Short Run Period

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